Which of the following algebraic expressions is inaccurate?
A. TC=TVC+TFC
B. ATC=AFC+AVC
C. AFC=ATC-AVC
D. MC=ATC-AVC
Answer: D
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Extensive government restrictions on the use of capital are likely to
A) result in capital resources being devoted to their most efficient uses. B) enhance economic growth. C) enhance economic freedom. D) create dead capital.
Unlike a firm in pure competition, a monopolist may be able to
a. block the entry of new firms into the industry. b. continue to earn economic profits in the long run. c. earn economic profits in the short run. d. both block the entry of new firms into the industry and continue to earn economic profits in the long run.
Measuring expenditures and income with the price level allowed to vary, so that changes in these values represent changes in either the actual amount of goods, services, and income or changes in the price level or a combination of both factors is
denoted in ________ terms. A) nominal B) real C) constant dollar D) all of the above
Total product begins to fall when:
A. average product is below zero. B. marginal product is maximized. C. marginal product is zero. D. average product is negative.